Page:United States Statutes at Large Volume 68A.djvu/783

 CH. 61—INFORMATION AND RETURNS

743

(2) the amount paid out within such year which represents amounts for which charitable, etc., deductions under section 642(c) have been taken in prior years, (3) the amount for which charitable, etc., deductions have been taken in prior years but which has not been paid out at the beginning of such year, (4) the amount paid out of principal in the current and prior years for charitable, etc., purposes, (5) the total income of the trust within such year and the expenses attributable thereto, and (6) a balance sheet showing the assets, liabilities, and net worth of the trust as of the beginning of such year. (b) EXCEPTION.—This section shall not apply in the case of a taxable year if all the net income for such year, determined under the applicable principles of the law of trusts, is required to be distributed currently to the beneficiaries. SEC. 6035. RETURNS OF OFFICERS, DIRECTORS, AND SHAREHOLDERS OF FOREIGN PERSONAL HOLDING COMPANIES. (a) OFFICERS AND DIRECTORS.— (1) MONTHLY RETURNS.—On the 15th day of each month each

individual who on such day is an officer or a director of a foreign corporation which, with respect to its taxable year preceding the taxable year in which such month occurs, was a foreign personal holding company (as defined in section 552), shall make a return setting forth with respect to the preceding calendar month the name and address of each shareholder, the class and number of shares held by each, together with any changes in stockholdings during , such period, the name and address of any holder of securities convertible into stock of such corporation, and such other information with respect to the stock and securities of the corporation as the •Secretary or his delegate shall by forms or regulations prescribe as J necessary for carrying out the provisions of this title. The Secrei tary or his delegate may by regulations prescribe, as the period with respect to which returns shall be made, a longer period than a ' month. In such case the return shall be due on the 15th day of ' the succeeding period, and shall be made by the individuals who ' on such day are officers or directors of the corporation. (2) ANNUAL RETURNS.—On the 60th day after the close of the taxable year of a foreign personal holding company (as defined in section 552), each individual who on such 60th day is an officer or •, director of the corporation shall make a return setting forth— (A) in complete detail the gross income, deductions and ' credits, taxable income, and undistributed foreign personal hold^ ing company income of such foreign personal holding company for such taxable year; and (B) the same information with respect to such taxable year as is required in paragraph (1), except that if all the required '^ returns with respect to such year have been filed under parai graph (1), no information under this subparagraph need be set forth in the return filed under this paragraph. (b)

SHAREHOLDERS.—

(1) MONTHLY RETURNS.—On the 15th day of each month each United States shareholder, by or for whom 50 percent or more in § 6035(b)(1)

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